In a milestone for one of Silicon Valley’s hottest companies, Facebook on Wednesday filed papers announcing a $5 billion initial public offering of stock in the world’s biggest social networking business.

The stated size of the offering is smaller than expected, after weeks of speculation by analysts and industry observers who predicted Facebook might seek up to $10 billion. But documents indicated the figure is preliminary; the company could revise the numbers as it prepares to begin selling stock this spring.

Here’s the major stats on Facebook’s IPO filing, which it just filed: 845 million users and 483 million daily users; annual revenue $3.7 billion; $1.8 billion in operating income and $1 billion net income.

KQED also spoke to Swisher about the IPO’s impact on the local economy.

(SACRAMENTO, California) State lawmakers are hailing Facebook’s much-anticipated stock offering as a potential windfall for California’s cash-strapped treasury, while some already are saying the extra revenue should go to preventing cutbacks to public schools.

Republican minority leaders Bob Huff and Connie Conway issued a statement Wednesday saying the state should use the expected tax revenue “to protect our public school students from the governor’s trigger cuts and pay down the state’s debt service.”

Senate President Pro Tem Darrell Steinberg, a Democrat from Sacramento, cautioned that it’s unclear when tax revenue from those reaping the benefits of Facebook shares will reach state coffers.

The nonpartisan Legislative Analyst’s Office has said the state stands to reap hundreds of millions of dollars.

The Silicon Valley social networking giant says it wants to raise $5 billion.